Finding a place to call your own is a dream any working adult wants to achieve someday. But given how often the economy fluctuates, what used to be a manageable price months ago has probably skyrocketed recently. Because of this, aspiring homeowners might find it harder to reach their goals soon.
Fortunately, various housing options are available for everyone. Instead of purchasing a house and lot, some lean more toward condominiums, especially those planning to buy another property someday. Speaking of condominiums, aspiring homeowners interested in them might want to consider looking into pre-construction condominiums.
From its name alone, the pre-construction condo is a condo that hasn’t been built yet. Despite its unfinished state, a surprising number of homebuyers are interested in purchasing one. After all, they enjoy various advantages from it, such as:
1. Exceptional Deals
Since it’s still a work in progress, condo developers are more willing to negotiate the price. As long as they find someone who can fund the rest of the project, the price of a pre-construction condo may only be a fraction of the finished project. Because aside from labor, the only thing developers are paying for is the building materials used—or will be used—to complete the project.
Besides their low price, the rest of their perks make pre-construction condos perfect for first-time buyers. It’s common practice for GTA Condo Pro and other condo communities to offer time, among other things. Since delays are the norm in construction projects, finishing a pre-construction condo will take many years.
Among the things buyers must do, scheduling an outside date is highly recommended. This outside date roughly determines when the pre-construction condo finishes. Given how long it takes, having an outside date assures the buyer that a contract binds the deal. If the date has been reached while the construction is still going on, you can cancel the contract and get your deposit back.
Time is on your side between construction time and negotiating with a lawyer or financial advisor. Hence, they have the freedom to enjoy a cooling-off period. This period allows the buyer time to consider their decision without feeling pressured. After all, purchasing a partially built property is an impressive leap. Hopefully, having two weeks to evaluate your decision will be enough.
On top of a cooling period, there’s time to spare for you to save on a deposit. Granted, the minimum downpayment requirement is different for each condo community. Still, that’s enough time to plan your finances before moving in.
2. Excellent Investment
Appreciation is a concept first-time homebuyers must be aware of. Because similar to appreciating people, the idea here is how something of little value eventually becomes invaluable in the long run. As mentioned, the price for a pre-construction condo isn’t demanding, given how developers only sell it based on the necessities. Hence, this is the perfect opportunity that everyone must grab.
Investing in a pre-construction condo is an excellent maneuver for financially conscious people. After all, purchasing a property at a low cost is already a steal, even more so once it finishes construction. Because when that happens, the price of a completed construction often skyrockets beyond the usual price tags found across the real estate world. Thus, it’s safe to say that this property is a safe investment option.
3. Customize To Your Taste
As mentioned, only the necessities are handled at a pre-construction condo. Although once you’ve purchased one, you now have the leverage to customize and remodel the project any way you want once the paperwork is dealt with. After all, having the ability to customize your home during the construction period is much more preferable.
One reason why many homebuyers don’t prefer pre-construction condos is due to their demand. During the construction period, building materials are bound to be lacking, and the construction process’s effort contributes greatly to the price developers offer. However, comparing the prices of a finished condo to a pre-construction one, the latter has a great deal of variation in between.
Finished condo units cost a fortune, given that they’re already finished. With builders using high-quality materials and obtaining higher rates, there’s little to no room for customization unless you’re willing to remove what the builders placed instead of replacing it with your own. After all, it’s safe to say that developers are doubling—maybe even tripling the price.
4. Everything Is New
Without years chipping off the property’s quality, staying at a pre-construction condo mean everything is all brand new. From facilities to furniture, you don’t have to worry about how long they’ll last, given how high-quality they are. As long as you have warranties for each one, there’s no need for urgent check-ups or replacements immediately.
Takeaway
Many might be surprised by how amazing it is to purchase a pre-construction condo unit. After all, seeing all that unfinished work might deter potential homebuyers from trying it out. However, little did they know, among its many benefits, aspiring homebuyers finally have a home with an extremely low price tag.
